State Bank and Trust selling 2 local branches|[2/11/06]
Published 12:00 am Monday, February 13, 2006
State Bank and Trust Co. of Ridgeland, which has two branches in Vicksburg, has signed an agreement to sell the two local branches and two others to Guaranty Bank and Trust Co. of Belzoni.
In addition to the two Vicksburg branches, Guaranty Bank will acquire branches in Batesville and Senatobia. The bank has its headquarters in Belzoni and branches in Greenville, Cleveland, Hollandale and Indianola.
State Bank has been in Vicksburg since 1998.
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The acquisition is for an undisclosed amount of cash and is subject to regulatory approval.
That approval should be obtained in time for the sale to go through by about June 30, said Willis Brumfield of State Bank and Trust.
According to a news release issued by State Bank, its employees who will be affected by the sale have already been notified and they will be in the process of notifying bank customers over the next few weeks.
“Our customers in those communities will experience little if any inconvenience from this transaction,” said John B. Neville, chief executive officer of State Bank. “This was a move that just made good business sense for both banks.”
“Guaranty Bank and Trust Co. is extremely pleased with the opportunity to work with State Bank and Trust Co. and extend our market into three additional Mississippi communities,” said Huey Townsend, president and chief executive officer of Guaranty Bank.
Guaranty Bank has been serving the Delta as a locally owned and operated bank since 1943.
State Bank was founded in 1898 and will retain its other branches in Mississippi, including in Port Gibson, and its branches in Louisiana.